Mid-Year Check-up: How Healthy Are Your Books?

Mid-Year Check-up: How Healthy Are Your Books?

This article is meant for the do-it-yourselfers, those of you who have decided to do your own books. Or, since DIY accounting is the default position, it also includes people who never decided to have their books done by someone else. So, we say to you DIY-ers: It’s November now. Have you looked at your books since February? If the answer is no, then perhaps it’s time to contact us and schedule a clean-up. It’s what we do, and we can save you quite a lot of headache for a very reasonable price. Maintaining your books regularly is important for…
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Will My Bookkeeping Change as an S-Corporation?

Will My Bookkeeping Change as an S-Corporation?

https://youtu.be/kK6eK7NyoV8 You made your S-Corporation, you know the rules, and now you’re wondering: do you need to run your books differently now? Let’s talk about the requirements and best practices. Payroll Requirements Yes, as an owner-employee of your S-Corporation, you are now an employer even if you weren’t one before. Payroll introduces a whole host of reporting, deduction, and remittance requirements. Thankfully we can put all Washington requirements into a convenient list: Items upon hire: W-4: Fill one out and keep it on file. This is the form that you use to determine your number of withholdings. It  can be…
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Personal vs. Business Expenses

Personal vs. Business Expenses

https://www.youtube.com/watch?v=ZjF-Z_7XcCU “Business or pleasure?” You’ve probably heard this phrase before in reference to travel. Today we’re going to examine the same idea with respect to expenses. The distinction between personal and business expenses is super important because it has everything to do with whether you can deduct the expense on your taxes. Let’s break it down: for an expense to qualify as a business expense, it must be all of these: Reasonable,Ordinary, andNecessary …for the running of your business. Reasonable Expenses What is a reasonable expense? It is hard, if not impossible, to come up with a black-and-white test for…
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